Keyword : Black Money

Fake in India: a counterfeit economy

Sahil got a shock when the bank employee told him that one of the 20 notes of Rs 500 he had brought to deposit was a counterfeit. He was also embarrassed – at being fooled as well as being po

Black money list to be published by the government

The government is expected to disclose the names of 60 individuals and Indian entities as prosecution proceedings have been initiated against them. Speaking to the media on Monday, f

The making of a Swiss account

The rise of Switzerland as a financial centre began about 100 years ago. However, it is only in the last five decades that its reputation has catapulted from one of relatively modest standing &ndas

Income tax payer in for shock as govt wants to know more in new tax form

In pursuit of black money, the government is hauling up ordinary tax payers and seeking additional details in the new income tax return (ITR) form for assessment year 2015-16. This will be applicab

LS to consider black money bill today

The black money bill is likely to be taken up for consideration in the Lok Sabha on Monday. The legislation, known officially Undisclosed Foreign Income and Assets Bill, provides for heavy penaltie

Morning briefing: Modi in Russia for BRICS & SCO summits, to meet Xi

Prime Minister Narendra Modi will arrive here at Ufa (Russia) today on a three-day visit to attend the BRICS and Shanghai Cooperation Organisation summits. During his visit he is expected to meet C

Should black money be brought back to India

Should black money be brought back to In

Plug the loopholes and get back black money

Filmstars and business tycoons are among the 500 Indian names that were revealed through the Panama Papers, which are over 11 million leaked documents – bringing into focus black money, a pol

India still in the dark on black money

 In a written reply to the rajya sabha, minister for state for finance, Jayant Sinha said, “Determination of black money sent to foreign countries is subject to investigation and other f

India makes it more difficult to deal in black money

The Modi government’s crackdown on black money has “jammed” traditional black money laundering machines in the country, resulting in an increase in preference for cash and a decli

Modi’s Swiss sojourn

Prime Minister Narendra Modi’s quick visit to Geneva had all the headline-grabbing thematic ingredients—black money, a nuclear issue, and a trade deal. Modi, in a press statemen

Parliament passes bill to tackle black money

 Benami Transactions (Prohibition) Amendment Bill, 2015, the legislation for tackling the problem of black money in the country has been passed by the Rajya Sabha on Tuesday.  T

Amount payable under IT declaration scheme can be paid in instalments

The Income Declaration Scheme, 2016 provides an opportunity to persons who have not paid full taxes in the past to come forward and declare their undisclosed income and assets. The scheme has come

“We cannot afford to do business with black money”

How is the response to the IDS? The response has been good. A number of declarations have come and there have been a large number of inquiries too.

All you wanted to know about Income Declaration Scheme*

Black money, since the colonial times, has been the elephant in the room: it is everywhere and yet rarely talked about. In recent years, however, the middle class has become more strident i

Time to end the marriage of bad money and bad politics

Black money is essentially a popular name for black economy. By now it has ‘evolved’ into a grey, that is an indistinguishable mixture of black (i.e., illegal-immoral) and white (i.e.,

“But for black economy, each one of us would have been seven times richer”

What do the income disclosure or amnesty schemes reflect on the government? What it suggests is that the government under the normal schemes is not able to take care

Over Rs 65,000 crore disclosed under IDS: Jaitley

Calling it a significant amount, finance minister Arun Jaitley has said that black money worth Rs 65,250 crore has been disclosed under the Income Declaration Scheme (IDS) so far. Addressing a pres

Demonetising Rs 500, Rs 1,000 note: Who said what

In a bold step, prime minister Narendra Modi on Tuesday announced demonetising Rs 500 and Rs 1,000 notes. He said that the decision will check corruption and black money. The decision has come soon

Surgical strike? This was aspirin for cancer

If banning high denomination currency notes can curb black money, the whole problem would have been solved in 1978 – when the Morarji Desai government did it. Banning Rs 500 and Rs

Demonetising Rs 500, Rs 1,000 notes: Digital payment companies hail PM`s decision

Digital payment companies have hailed PM’s decision of banning high denomination currency notes (Rs 500 and Rs 1,000) as a major step towards cashless economy. “This is t

Bangaru Laxman was ahead of times, he preferred dollars

Harshad Mehta The superhero stock-broker dropped a bomb in July 1993, when he told a press conference that he had paid prime minister PV Narasimha Rao a bribe of Rs

A long road ahead in curbing black economy

Although I am not an expert on economy, I do understand that the latest step taken by the Narendra Modi-led NDA government has created a lot of noise and will play a significant role in combating b

If elections become cheaper, it is good: Jaitley

While there is no co-relation between scrapping of higher denomination currency notes with elections, but if this move makes poll costs cheap, it is good, said finance minister Arun Jaitley.

Demonetisation will not have a big bang impact: Experts

Prime minister Narendra Modi’s address to the nation on Tuesday evening caught everyone, not just black money hoarders, by surprise. Minutes after the announcement, the news about Rs 500 and

Demonetisation: People queue up at banks, post offices to exchange notes

As banks started exchanging currency notes from November 10 onwards, long queues were seen outside banks and post offices.  

Scrapping notes a blow to fake currency

The government’s announcement to scrap Rs 500 and 1000 currency notes will go a long way towards bringing halt to the circulation of counterfeit currency in the country. The common ma

Demonetisation hits weddings

Anjali Thakur, a resident of Indirapuram, Ghaziabad is getting married on November 15. Her wedding preparations are on full swing. However, as the government has scrapped Rs 500 and Rs 1000 notes,

Your scrapped currency may end up as paperboard

Now that the government has decided to scrap currency notes of Rs 500 and Rs 1,000 denomination, the millions of notes will end up as briquettes that can even be used for land fillings or for makin

Demonetisation: Stories and reports you must read

While you are in queue to get your cash replaced at banks and post-offices or awaiting your turn at ATMs, we present a quick reading list that might give you certain idea on demonetisation, bla

Show cause notice to two CAs who spoke of converting black money

ICAI has issued show cause notice to two Chartered Accountants, who were caught on tape talking about converting black money by charging a commission of 30% to 40%. The premier accou

Did anybody do any homework before launching this surgical strike?

As soon as the government announced its decision to demonetise Rs 500 and Rs 1,000 notes on the night of November 8, there has been an emergency-like situation across the country. With serpentine q

7 things govt should have known before launching the surgical strike

It’s been 10 days of suffering and chaos for people,and the way the government is continuously learning from its mistakes - announcing reliefs and exemptions, and then even rolling back some

How corruption and black money affects the poor

It may not be wrong to say that a major part of the black money arises from corruption, and that it is usually the downtrodden who is affected the most. A book published in 2011 by e

Stories you must read over the weekend

 “Our farmers have been modifying their crops for centuries through the method of conventional breeding. But here we have not modified but *genetically engineered* the mustard parental l

Survey: What do *you* think of the currency ban?

You have read (or heard or seen) countless analyses, points-counterpoints, theories-conspiracy theories and allegations-counter-allegations on the historic move to ban high-denomination currency no

Bank staff bearing the brunt of demonetisation: Union

It is high time the authorities woke up to the “pathetic, gruelling conditions” that bank employees are being subjected following the move to scrap Rs 500 and Rs 1,000 currency notes, s

Recession is likely: Prof Arun Kumar on demonetisation

 Demonetisation is not the way to tackle black economy and it will in fact affect the white economy, believes Arun Kumar, a former professor of economics at the Jawaharlal Nehru University (JN

MMS calls currency chaos organized loot, Jaitley delivers stinging retort

Former prime minister Manmohan Singh and finance minister Arun Jaitley sparred over demonetization in parliament on Thursday. Manmohan spoke of the “monumental management failure” in im

Thursday is last day to exchange old notes at public utilities

After prime minister Narendra Modi announced demonetization on November 8, people were allowed to use the old currency notes at government hospitals, railway ticketing, public transport, airline ti

If you (really) want to fight black money, won’t Lokpal make more sense?

Remember the Lokpal? The one-point panacea for all corruption and black money. It is a law, on the statute book. And while the government has launched a surgical strike against black money that has

In 1978, the common man was not hurt at all

The sudden announcement of demonetisation came as an inconvenience to 76-year-old SK Nangia. The morning after November 8, he had to travel to Hastinapur from Delhi by road, covering a distance o

The same blues on the other side of the counter

Since November 8, never-ending queues, rising tempers, despair and frustration have become a routine. It’s a nightmare for people who are struggling to deposit or exchange money at banks. And

While we stand in queues, world learns free lessons

By far the most sweeping change in currency policy that has occurred anywhere in the world in decades: that’s what former US treasury secretary and Harvard economist Lawrence H Summers along

BJP’s a/c declaration is utterly non sequitur

Prime minister Narendra Modi has asked all MPs and MLAs of his party to come clean, and declare their bank transaction details to the party chief. Somewhat like demonetisation itself, it is pointle

When, where and how are the ministers depositing ‘cash on hand’?

The prime minister has directed MPs of his Bharatiya Janata Party (BJP) to declare their bank transactions to the president of the party in a bid to lead by example to come clean on their actions a

The great Indian flip-flop trick

Chances are you have already chosen which side of the fence you are on when it comes to the demonetisation debate. Demonetising 86% of the currency is an unprecedented step and India is flying by t

Procedural changes from 1978 may have created huge loopholes

On November 8, the Government of India announced its decision to pull high-value currency notes of Rs. 500 and Rs. 1,000 denomination out of circulation, with immediate effect. A detailed procedure

“What is the logic of demonetising Rs 500-1,000 notes and then printing Rs 2,000 note?”

How do you see demonetisation as a way of curbing black economy? Demonetisation is not the way to tackle black economy. The reason is that the black money is in circulation

Exchanging notes

Reasons given for demonetisation   To control counterfeit notes that could contribute to terrorism To undermine or eliminate black econom

The really cashless economy

Villages are emptying out, but 67 percent of people still live in rural and semi-rural areas – where there are few banks, where getting to an ATM may take half a day, where many have not seen

Cash Line: Demonetisation woes in Manipur

Demonetisation has been testing the patience of the public across the country. Imphal, the capital of Manipur, is no exception.   

Don’t think black money can be completely stopped: Former top IT official

Do you think demonetization will help weed out black money? It is too early to say. Only when the final results are in by December 31, we will know if black money has bee

Demonetisation is a regressive and anti-poor measure: KC Chakrabarty

Dr KC Chakrabarty, former deputy governor, Reserve Bank of India, headed currency management at the central bank before taking premature retirement in March 2014. Known for his frank an

Demonetisation: Revised income tax returns may be scrutinised

If you are planning to file a revised income tax return following demonetisation, then be warned. The income tax department will be looking out for manipulation or fudging and such cases may be tak

Steps have been taken to tackle black money: Amitabh Kant

The government has initiated numerous steps to combat the scourge of corruption and black money in the last two and a half years, said NITI Aayog CEO Amitabh Kant on Thursday. Addres

Demonetisation severely imperilled India’s economy: Harvard Business Review

India is in the throes of an unprecedented social experiment in enforced digital disruption, and the world has much to learn from it, said an article: ‘India’s Botched War on Ca

Will taxes be abolished after currency ban? ICAI clarifies again

How can one sustain people’s support for demonetisation when they are beginning to realise that there was zero planning behind it, none of its touted benefits are coming true, and their pain

Hulkonomics and the 2D effect (Or how I learned to stop worrying and love demonetisation)

A close friend, stock market wizard and intellectual sparring partner, also a Marvel Comics and Stan Lee fan, has been keenly following the demonetisation debate in media and elsewhere. &ld

Two counts of failure

The Indian government has audaciously put the demonetisation show on the road, though with little consideration of infrastructural, banking and connectivity back-up. After making his own set of pol

Demonetisation: Rule changed yet again

One thing consistent about demonetisation has been the ever-changing rules. Monday saw a new rule in place. One can now deposit the scrapped currency of Rs 500 and Rs 1,000

Demonetisation impact on formal remittances could be significant: Expert

The longer run impact of demonetisation on formal domestic remittances could be significant. Following up on a major financial inclusion initiative (Jan Dhan Yojana) and new payments banks, this mo

Reverse Bank of India

 The Reserve Bank of India on Wednesday withdrew its order of December 19 which had stipulated that the demonetised currency notes could be deposited only once in the quantum of Rs 5,000 or mo

Currency in circulation plunged by Rs 7.4 trillion up to December 2: RBI

Liquidity conditions have undergone large shifts in Q3 so far, said the Reserve Bank of India which added that surplus conditions in October and early November were overwhelmed by the impac

Demonetisation hits handicraft business at Rann Utsav

Mangal Bhai Rama Harijan is a craftsman from Kawada village, 50 kilometres from the Great Rann of Kutch in Gujarat, the place where India’s most prominent cultural festival takes place every

Demonetisation sickening: Steve Forbes

Prime minister Narendra Modi, for so long a darling of business and industry, has received an editorial rap from business glossy Forbes for demonetisation. The move, which is being criticised heavi

Demonetisation is a major driver that is forcing people towards digital payments: Nasscom president

From demonetisation’s impact on the digital economy to the growth of IT industry in the Trump era, NASSCOM president R Chandrashekhar shares his views with Taru Bhatia.&n

Demonetisation undermines the right to food and the right to life

The right to food campaign is dismayed by the Indian government`s reckless attempt to renew currency notes, known as "demonetization", without any serious attention to the consequences it

The political anatomy of Modi’s surgical strike

Concerned about the abuse of power, French sociologist David Émile Durkheim in 1912 wrote that there could be no society which, at regular intervals, did not feel the need to uphold and reaf

We’re still reconciling figures: RBI

The Reserve Bank of India on Thursday clarified that it was still in the process of reconciling the figures of the demonetized currency, following media reports which said that most of the scrapped

Demonetisation may lead to temporary slowdown of economy: Mukherjee

Demonetisation, while immobilising black money and fighting corruption, may lead to temporary slowdown of the economy, said president Pranab Mukherjee on Thursday. “We all will

Govt must not renege on the commitment made on November 8

People may recall the passionate justification that prime minister gave on November 8 when he announced the decision to demonetise currency notes of Rs 500 and Rs 1,000 denomination. The entire cou

Demonetisation carried pain, admits Arun Jaitley

The implementation of the demonetisation decision carried pain. “It can lead to short term criticism and inconveniences. Drop in economic activity on account of the currency squeeze during th

People will now use Rs 2,000 notes to store wealth: Fitch

There are considerable uncertainties over the potential positive effects of demonetisation, said global ratings agency Fitch. “Most importantly, demonetisation is a one-off event. People th

Benami property, black money and demonetisation

The Demonetisation, the black money and the benami property, the three vibrant words in the Indian economy, has impacted the life of people across the country. In the fight against black money, pri

Demonetisation and digitisation as nation-building

India is in the midst of a revolution. Demonetisation has impacted every family, business and institution, providing popular support to transform society, economy, polity and governance. To get the

DeMo can’t fight black money: Leading business body

  If fighting black money is the aim, demonetisation is the wrong weapon, says India’s largest and oldest business body.    “Demonetisat

Status check: President’s 2016 address to parliament

President Pranab Mukherjee addressed parliament on February 23, 2016. In his address, he outlined the major policy priorities of the government across different sectors. PRS legislative research ha

You are destroying all the institutions meant to counter corruption: Prashant Bhushan

  What is the thinking behind launching the Swaraj party? To answer that question, we have to go back in time and see why we formed the Aam Aadmi Party [AAP].

No official estimate of black money

There is no official estimation of percentage of black money held in India in cash, minister of state for finance Santosh Kumar Gangwar informed the Lok Sabha.  

Three years of BJP government and still no Lokpal

In a little over a month, the BJP government would be completing three years in office. Yet, there is no sign of the Lokpal and Lokayuktas who would have battled black money.

Black money flow in developing nations quite high: Report

Illicit financial flows represent a challenge to economic and social progress in the developing world, said a comprehensive report that pegs trade misinvoicing range in India between 5 percent and

Clean Money: Yet another follow-up to make the most of demo

Trying to make the most of the demonetisation drive, the government has taken yet another follow-up step and launched an Operation Clean Portal. Its aim is to “enable citizen engagement for c

Niti Aayog calls for moderate taxes

Niti Aayog has recommended keeping tax levels moderate in order to tackle black money.   “Structural changes to reduce flows of black money will involve keeping

A year since note ban: Number of tax payers goes up

There has been a significant increase in the number of income tax payers following demonetisation that took place on November 8, 2016. The number of e-filed personal income tax returns (I

A war of words over demonetisation

Prime minister Narendra Modi on Wednesday batted for demonetisation, while Congress leader Rahul Gandhi called it a tragedy as November 8 marked a year since the note ban took place. &ldq

Paradise Papers prompts former UK PM to launch online petition

The latest leak of data about international tax offenders, ‘Paradise Papers’, has prompted former UK prime minister Gordon Brown to launch an online petition to the Group of 20, seeking

How Thomson Reuters can help in cracking down on black money

Post-demonetisation, there has been a crackdown on shell companies, a way to convert black money into white. Recently, prime minister Narendra Modi said that shell companies would all be elimin

Aadhaar-property linkage will tackle black money, cool prices

The government’s plan to seed Aadhaar with properties will not only help in flushing out black money that is parked in real estate, but also bring down prices that have gone through the roof.



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